Why is Consumer Behavior important to my Marketing Strategy?
Consumer behavior is one of the most important aspects of marketing, and it’s a key factor on any marketing strategy. You can’t begin your marketing strategy without having thought of your consumers first.
The more you know about what drives and motivates your customer’s buying decisions, the better your products are going to be and the more you’re going to sell.
What is Consumer Behavior?
Consumer Behavior is the decision process, pattern or behavior people engage when thinking about making a purchase. It all begins when the consumer is stimulated to buy a product, and ends with the purchase transaction.
Studying consumer behavior in marketing means studying people and what motivates them, what they need and how they think and feel before buying a product. This also means studying so many different aspects of people’s mind and choices, that several social sciences have come together to do it. Some of the disciplines are psychology, anthropology, economy, marketing and sociology, for example.
Together and independently, those disciplines analyze demographics, lifestyles, personalities, life cycles and motivations. They also study other marketing variables like brand advocacy, usage rates and brand loyalty. By studying people, they understand what makes them behave the way they do, and what motivates them to buy or not some products or services.
So, why is consumer behavior important to my marketing strategy?
Every business depends on their customers, so the first thing you need to do it take some time to really understand what your customer wants, needs and feels.
Succeeding at this will make everything easier for your company and your products, since you will build better marketing materials and send better messages to your target audience. This way you can align all your marketing efforts to what you know about your consumers.
We’re going to show you some ways you can do some consumer behavior research to improve your marketing strategy:
- Online Data Research: The consumer’s activity online is a great way to get to know more your audience. Which social media are they on? Who they follow? What do they like? What topics or causes they are attached to? Those are some questions you will answer when doing some online research of your target audience.
- Create Buyer Personas: A buyer persona is a fictional representation of your ideal customer. Think about your most loyal customers: what are they like? What are their interests? Where do they live? What do they work on? What are their hobbies? Answering those questions will result in a buyer persona that will surely be useful for your marketing and communication efforts.
- Review Past Sales: Studying your past sales and your previous customers can provide some important insights about your consumer’s behavior. From that information you can see if you have recurrent customers, and identify the best way to do your sales forecasts.
- Do Focus Groups: Through focus groups, you can get closer to your customers and find out their psychographics like their opinions, interests, lifestyles, and how they feel about your brand or product.
- Do Trend Watching: Keep an eye for the current and upcoming trends, not only in your particular industry or field, but also in the world. The most important macro-trends are environment, technology and healthcare, and they can either benefit or damage your business.
A mixture of these techniques will surely help you to better understand your customers and what drives them to purchase something. This will be the main insight for your marketing strategy and the actions you’re going to take in order to make your customers fall in love with you.
Whenever you’re thinking about doing some consumer behavior study, or designing your marketing strategy, don’t forget we’re all humans, and we’re all also consumers. So, think about what drives you towards some brands or products, and what pushes you away from others, and implement those good practices you love from other companies.
Always keep your mind open to what your customers have to say, try to implement their suggestions and ideas into your marketing strategy and your product, and think about them before anything else, because they hold the key to your company’s success.
If you’d like some help with your marketing strategy, don’t hesitate to Contact Us. We’ll be happy to help!